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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Finished Bankrupcy

Does anyone know what the maximum amount of money a trustee can take from someone who goes bankrupt?

Posted from: British Columbia

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One Response to “Finished Bankrupcy”

A licensed trustee said...

Technically, there is no maximum. From a practical point of view, once a trustee has enough funds to repay your debts in full, plus cover all of the fees associated with filing, any excess funds are returned to the bankrupt. In other words, you won’t be forced to pay more than what you owe and the costs of filing. Our firm handles around 4,000 files a year and this happens once every couple of years… if you ask, your trustee will likley bring a motion to have your bankruptcy annulled once the debts have been paid in full…